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September 09,2024

Popular Crypto Social Media Platform Gives Up Control Of Its Smart Contracts

The token for the crypto social media platform known as friend.tech has significantly declined after its team transferred the administration and ownership of its smart contracts to a null Ethereum (ETH) address, effectively surrendering all control.

This transfer occurred on September 8th, with friend.tech stating on X that it was done to prevent any changes to their fees or functionality in the future. Following the transfer, the aforementioned token, $FRIEND, fell nearly 26% in the past 24 hours to $0.067, as reported by CoinGecko.

The main reason why this is so surprising is because many crypto-focused companies would usually go above and beyond to always maintain control of their smart contracts, as was the case with Cardano (ADA) in 2023.

 

An Unexpected Turn Of Events

The null address serves as a burn address designed to permanently destroy tokens, making any assets sent to it irretrievable. Serpin Taxt, associated with the blockchain reputation protocol Ethos, remarked on X that the transfer marked the end of an era and expressed surprise at how events unfolded.

This update comes three months after friend.tech announced plans to develop its own blockchain, Friendchain, a move that left many in the community uncertain about the future of the protocol. Confusion increased when their official X account deleted its announcement post.

 

Growing Pains

Tensions between the team and users grew when numerous issues arose with the much-anticipated $FRIEND airdrop in early May. Initially, the token reached a market cap of $233.6 million within the first four days of its launch, but it has now dropped to $6.3 million.

The total value locked (TVL) on friend.tech has also decreased dramatically. After experiencing an all-time high of $52 million in early October 2023. It recently fell to under $3.5 million, according to DefiLlama. Since August 2023, both daily fees earned by the protocol and FRIEND trading volume have also consistently been below $1,000.

 

September 09,2024

Web3 Fundraising Deals - 3rd To 9th September, 2024

Vanilla Finance raised an undisclosed amount in Strategic funding with support by HTX Ventures. Vanilla Finance is a decentralized trading platform focused on transforming the cryptocurrency trading experience.

 

 

Dropnest secured an undisclosed amount in Strategic funding with help by Manta Network (MANTA). Dropnest aims to become the biggest protocol for ethical airdrop hunting. The project aims to partner up with new and upcoming protocols going forward. Lastly, as all airdrop accounts will be out in public, protocols will have complete transparency.

 

 

onocoy generated $940K in a Private Token Sale with assistance by Smart Island / Smart Island Capital. onocoy is focused on building a GNSS reference station network by leveraging Web3 technology to provide reference stations at a scale and density only possible through a community-driven approach.

 

 

UXLINK secured an undisclosed amount with help by Animoca Brands. UXLINK is a Web3 social platform designed for broad adoption, offering social asset creation and cryptocurrency trading features.

 

 

Puffpaw raised $6M in Seed funding with assistance by Lemniscap. Puffpaw is a project on Berachain aiming to bring vaping activities on-chain to incentivize quitting smoking. It is developing a unique vape device that tracks smoking habits and transforms the experience into a gamified platform.

 

 

Hypernative obtained $16M in Series A funding with support by Quantstamp, Inc. Hypernative changes the way security and risks are prevented in Web3. With ML and real-time proactive monitoring, the project is able to security, economic, governance, and community risks before they occur.

 

 

IDA secured $6M in Seed funding with help by Hashed Fund. IDA is a digital asset technology company focused on spearheading the widespread adoption of blockchain finance while also empowering businesses to bridge the gap between Web2 and Web3.

 

 

 

Kredete raised $2.25M in Seed funding with assistance by Blockchain Founders Fund. Kredete is a financial platform focused on empowering African immigrants by enabling them to build credit and send money home with low fees.

 

 

DRiP secured $8M in Seed funding with support by Coinbase Ventures. DRiP is a creator platform on Solana that allows artists and creators to distribute digital works, such as art and music, to their followers.

September 08,2024

BTC Continues To Struggle As Donald Trump Proposes Controversial Tariff Policy

Bitcoin (BTC) has really struggled over the past week, with the flagship cryptocurrency plunging to below $53,000 in a matter of hours. Unsurprisingly, the bearish trend extends to altcoins as well. Ethereum (ETH), for instance, has seen a more than 4% drop, now struggling around $2,250. Elsewhere, BNB has lost 3%, XRP is down by 3%, and SOL has decreased by 2.5%.

DOGE has been hit hardest among the larger-cap altcoins, with a significant 5% drop, pushing its price below $0.1. Other cryptocurrencies, including TON, BCH, SHIB, LTC, OKB, and XMR, are also experiencing significant losses.

 

Persistent Troubles

Last week, Bitcoin fell below the crucial $60,000 threshold, and the downward trend has continued. After a brief attempt to rebound on September 3rd, bearish forces have largely taken control, leading to the latest drop.

Before this recent decline, Bitcoin faced multiple rejections and saw lower daily highs. A temporary boost came on Friday when the US job report for August revealed a slight decrease in unemployment rates. This led to a surge for BTC as it rose to $57,000. However, this increase turned out to be short-lived as almost immediately afterward, the price plummeted to $54,000, and further bearish momentum drove it to a monthly low of $52,700 on Bitstamp.

Although Bitcoin has recovered slightly to just above $54,000, it remains down 4% for the day and over 8% for the past week. Its market cap has fallen to $1.070 trillion, and its dominance over altcoins has slipped to 53.5%.

 

Other Markets

In a dramatic move, Donald Trump has pledged to impose a hefty 100% tariff on any country that distances itself when it comes to the US dollar, making such a shift incredibly costly. Meanwhile, the European Central Bank is expected to cut interest rates again, setting the stage for similar actions by the Federal Reserve. The Singaporean oil sector is also grappling with falling prices while CLO equity holders are restructuring deals at a record pace.

On the global stage, President Biden is engaging with Iraqi Prime Minister Mohammed Shyaa Al-Sudani as Iraq begins ambitious projects to add 614MW of power. In Houston, residents face an extended blackout due to extreme heat. In Asia, as Hong Kong and Shenzhen debate the future of China, investors grow impatient with the sluggish stock market recovery. Lastly, numerous Chinese state-owned banks are facing substantial potential losses.

 

September 07,2024

Here Is How To Protect Yourself Against Crypto Hackers

Hackers are increasingly targeting cryptocurrencies with more aggressive tactics. Since January, they have stolen over $1.2 billion in crypto, with many incidents linked to the DPRK. On September 3rd, the FBI issued a public service announcement warning the crypto industry about what kinds of malicious software is being used nowadays.

Warning For Android Users

McAfee, a software security firm, has detected an Android malware named SpyAgent. This malware utilizes Optical Character Recognition (OCR) to scan phone storage for images, including screenshots containing private keys. Remember, decentralized wallet providers advise against taking screenshots of your keys, instead, write them down on paper for security.

McAfee Labs notes that this malware is spread through malicious links sent via text messages. These links often lead to fake banking apps that request full access to your phone, including photos and media. If users receive a message claiming their banking app is outdated and prompting them to click a link to update, exercise caution. Clicking the link might open a website resembling an official bank website, but downloading and installing the application could expose your data to hackers.

The FBI has also warned the crypto community about highly specialized social engineering attacks. Such malware can be disguised not only as banking apps but also as government applications or games.

Malware Threats On MacOS

MacOS users might think they are immune to such threats, but that is not the case. In August, a malware called Cthulhu Stealer was discovered targeting MacOS. Like other malware, it masquerades as legitimate software. Once installed, it can steal private information, including all types of passwords and wallet credentials like MetaMask, as well as IP addresses.

In August, North Korean hackers exploited a vulnerability in Google Chrome. They created fake websites that mimicked legitimate crypto trading platforms to trick users into downloading a malicious crypto wallet or trading app.

As hackers become more focused on cryptocurrencies, these malware tactics are escalating. To protect yourself, always download applications directly via their official sources and verify website URLs. Crypto users should also avoid saving seed phrases as images or storing them on digital devices.

 

September 06,2024

Telegram Users Can Now Report Illegal Content In Private Chats

Telegram has updated its policy to allow users to report illegal and illicit content in private chats for moderation review, as indicated in a recent update to its frequently asked questions (FAQ) section. Toncoin ($TON) will still act as the native cryptocurrency of the TON blockchain, which was originally developed by Telegram. It is used within the ecosystem for transactions, smart contracts, and various decentralized applications (dApps).

 

Changing With The Times

The new policy introduces the ability for users to flag content in private chats, a shift compared to the previous stance of not moderating such conversations. This change might impact Telegram and its overall image, which has previously been linked to facilitating illegal activities such as money laundering and illicit crypto-related transactions.

The FAQ previously stated that all Telegram chats and group chats are private between their participants, and that the company does and will not process any requests related to them. The anonymity associated with Telegram made it one of the most popular messaging platforms worldwide.

 

A Necessary Change

The update followed Pavel Durov being arrested in France in late August. The arrest was part of a larger investigation into the messaging platform, with French authorities alleging that Telegram has been used for illegal activities.

Durov was released after four days in custody. He is under judicial supervision and faces preliminary charges that could have significant legal repercussions if he is convicted. In his first public statement on Thursday, the Telegram CEO acknowledged that the rapid expansion of the platform had made it vulnerable to misuse by criminals. He denied claims that Telegram is an anarchic paradise for illegal activities and emphasized that the platform actively works to remove harmful content.

 

September 06,2024

EigenLayer Will Redistribute 86 Million Tokens In Season 2 Airdrop

EigenLayer has announced the second season of its airdrop, distributing 86 million EIGEN tokens to stakers, node operators, ecosystem partners, and community members. This airdrop targets those active between March 15th and August 15th, with distribution set to begin on or before September 17th, 2024.

 

Token Distribution

The 86 million tokens represent 5% of the total supply of 1.67 billion. Of this, 70 million tokens are allocated to stakers and operators based on their share of staked ETH, while up to 10 million tokens are reserved for AVSs and other contributors. About 6 million tokens will go to community members, who must verify their social identity by September 11th. 2024, to claim their share.

At any rate, this second season stakedrop arrives as EigenLayer has faced net outflows recently, leading to a reduction in its total value locked (TVL). The TVL has dropped to $11.5 billion after reaching an all-time high of $20.1 billion in June.

 

Competition Heats Up

In contrast, Symbiotic, a competitor that has not yet launched a token, has seen its TVL grow to over $1.5 billion. Additionally, the EigenLayer tokens are not tradable yet but are valued at approximately $2.7 each in pre-markets, suggesting a fully diluted valuation of $4.5 billion.

Similar trends are evident across the liquid restaking sector, with platforms like Renzo, Puffer, Kelp, and Swell also reporting significant TVL declines. This downturn might be attributed to the conclusion of airdrop campaigns related to the launch of major restaking protocol tokens, such as REZ and EIGEN.

 

September 05,2024

Richard Teng Demands Tigran Gambaryan Be Released Immediately

Binance CEO Richard Teng is demanding the immediate release of executive Tigran Gambaryan due to inhumane treatment and worsening health in Nigerian detention. Gambaryan, whose condition has deteriorated since contracting malaria in May, is reportedly being denied proper medical care.

Richard was hired by Binance in 2021 to improve its worldwide compliance operations. He was anointed the new CEO after succeeding Changpeng Zhao (CZ).

 

Hard To Watch

A recent video shows Gambaryan in a weakened state, struggling with crutches and being ignored by guards, which Teng condemned as inhumane. The video reveals Gambaryan being in visible pain and frustration, as he claims he is being denied help despite his serious condition.

The Binance community has rallied in support, condemning the treatment and questioning the motives behind why Gambaryan is being detained, with some suggesting it might be a strategic tactic against Binance.

 

Bad To Worse

To make matters worse, Gambaryan has seen his health worsen significantly since his collapse in court on May 23rd. Despite a judge ordering for him to be hospitalized, reports indicate he has not received adequate care. US representatives visiting in June found him in critical condition with double pneumonia and significant weight loss, prompting calls for his immediate release.

As the Gambaryan trial resumed on September 2nd, 2024, his legal team requested bail on medical grounds, citing his need for surgery. The EFCC has opposed this request, claiming his condition is manageable. A bail hearing is scheduled for September 4th. His health and treatment remain a major concern for his family, the Binance community, and international advocates.

 

September 05,2024

Robinhood Being Forced To Pay Massive Fine For Previous Ban

The fine announced on Wednesday was determined based on various restrictions imposed by Robinhood between 2018 and 2022, during which the platform did not allow users to withdraw their purchased cryptocurrencies. The company is now expected to demonstrate genuine transparency and ensure that customers have control over their cryptocurrencies.

 

An Ongoing Investigation

The investigation by California regulators classified the traded cryptocurrencies on Robinhood as commodities. It discovered that Robinhood Crypto allowed customers to purchase digital assets but did not provide them with custody, violating state regulations.

Attorney General Rob Bonta stated that the ongoing investigation and resolution with Robinhood should convey a clear message, which is that whether anyone operates a physical store or a cryptocurrency business, compliance with local consumer and investor protection laws is absolutely mandatory.

 

Revising Crypto Practices

Despite Robinhood Crypto lifting the withdrawal ban last year, the company is now held accountable for past actions. As part of the settlement, Robinhood must ensure that customers can withdraw their cryptocurrencies and update its information regarding asset custody.

Robinhood has also disclosed receiving subpoenas by the California Attorney General related to its business practices, trading operations, and asset custody. The settlement includes an independent review by the SEC to examine possible breaches of federal securities laws, without Robinhood admitting to any wrongdoing.

 

September 04,2024

Hackers Promote Fraudulent Trump Family Project

World Liberty Financial has had connections with the Trump family and has reportedly received their endorsement, although recent developments suggest a shift in this relationship. Recent incidents involved hackers posting blockchain addresses and asserting that the token was part of a crypto project associated with the Trump family.

 

Hackers Prevail

Specifically, Lara Trump claims her account was compromised after it disseminated a message claiming that the governance token of the project on the Solana blockchain would support their DeFi lending protocol. These posts were later identified as fraudulent and removed.

Eric Trump subsequently confirmed on X that both profiles had been hacked and advised followers to avoid interacting with the scam addresses. In response, World Liberty Financial released a statement urging people to disregard any links or transactions regarding the compromised accounts.

 

Another Fraud

This episode marks at least the third instance where a cryptocurrency token, seemingly connected to the Trump family and their crypto project, has surfaced. Previous examples include the contentious DJT token and the Restore the Republic token, which experienced a brief surge in value before collapsing.

For several weeks, the Trump family has been promoting World Liberty Financial, with speculation suggesting that the project will be hosted on the Ethereum (ETH) blockchain alongside Aave and their decentralized finance platform. The anticipated Trump family crypto project is expected to feature a credit account system with a token named WLFI.

 

September 04,2024

John Deaton Challenges Elizabeth Warren After Clinching Republican US Senate Primary

 

Pro-crypto attorney John Deaton has clinched the Republican nomination for the United States Senate in Massachusetts, setting up a match against Democratic Senator Elizabeth Warren in November. A former Marine and vocal supporter of Ripple (XRP), Deaton triumphed over two other Republican contenders, industrial engineer Bob Antonellis and Quincy city council president Ian Cain, to secure the nomination.

 

Challenging Elizabeth Warren

As of a September 4th report by the Associated Press, Deaton has garnered 64% of the vote, with just over 43% of votes counted in Massachusetts. Deaton is poised to challenge Warren in the November election. Warren, who has previously won Senate seats twice, faced strong competition in 2012 but defeated Republican incumbent Scott Brown and earned over 60% of the vote in 2018. Seeking a third term, Warren is running unopposed for the Democratic nomination.

A pro-banking Senator, Warren, who serves on the Senate Banking, Housing, and Urban Affairs Committee, has targeted the crypto industry in recent years, accusing the technology of various issues including terrorism, espionage, malware, and drug trafficking. She has proposed several significant bills aimed at restricting digital asset development in the U.S.

 

Notable Support

Although Deaton did not specifically address crypto during his victory speech, his campaign received notable support via figures in the crypto sector, such as the Winklevoss twins and Ripple executives. The Commonwealth Unity Fund, a crypto-focused political action committee (PAC), contributed over $1 million in Massachusetts to back Deaton.

Furthermore, major donors to his campaign include Ripple executives Chris Larsen and Brad Garlinghouse, Gemini founders Cameron and Tyler Winklevoss, SkyBridge Capital founder Anthony Scaramucci, Cardano co-founder Charles Hoskinson, and Kraken co-founder Jesse Powell.

As of July 31st, Federal Election Commission records show that Deaton had raised approximately $1.7 million for his Senate campaign. In April, Deaton submitted an amicus brief supporting 4,701 Coinbase customers in their legal battle with the United States Securities and Exchange Commission.

 

September 03,2024

WazirX Hacker Moves Stolen Funds To Tornado Cash

WazirX, one of the most popular crypto exchanges worldwide, was hacked earlier this year. According to PeckShield, a renowned security firm, the perpetrators of this major hack have reportedly moved a staggering 2,600 ETH, worth approximately $6.5 million, to Tornado Cash, a cryptocurrency mixer that is currently sanctioned by the United States. This move aims to obscure the trail of stolen funds, making it significantly harder for law enforcement to trace and recover the assets.

 

A Complicated Process

Mixers like Tornado Cash are frequently utilized by cybercriminals as a method to complicate the process of tracking stolen cryptocurrency. By obscuring the origins and destinations of the funds, these mixers effectively muddy the waters, presenting additional challenges for those trying to reclaim the stolen assets.

The attack on WazirX, which was originally confirmed on July 18th, 2024, targeted the multi-signature wallet of the exchange, resulting in a staggering financial loss exceeding $230 million. The breach has had severe repercussions for the platform, disrupting its ability to maintain balanced collateral against its assets. As a result, withdrawals have been frozen, and trading has been suspended since July 21st while the WazirX team focuses on recovery efforts.

 

Bad To Worse

Unfortunately, this situation means that users may face substantial losses. The ongoing restructuring process could lead to users not receiving the full value of their cryptocurrency held on the platform at the time of the attack. The extent of these losses is still unfolding, as the exchange works to stabilize its operations and manage the fallout due to this significant breach.

Compounding the gravity of this incident is the suspicion that it may have been orchestrated by the Lazarus Group, a notorious hacking organization linked to North Korea. Known for its high-profile and devastating cyber exploits, including a $600 million theft via the Ronin sidechain in 2022, the Lazarus Group being involved would signal a new level of sophistication and menace in the world of cybercrime.

 

September 03,2024

Here Is Why September Is A Crucial Month For Crypto

September could very well be pivotal for the cryptocurrency market with significant events like presidential debates and Federal Reserve decisions scheduled. Historically, September has been challenging for cryptocurrencies. In September 2023, Bitcoin (BTC) dropped to between $26,000 and $27,000. The same trend occurred in 2022, when the flagship crypto fell to $18,000 and fluctuated around $22,000 during a market decline.

 

Upcoming Key Events

Notably, after reaching its peak in 2021, Bitcoin also decreased to a range of $41,000 to $48,000 in September. This year, several forthcoming events could influence the broader crypto market. The Bureau of Labor Statistics is set to release a jobs report on September 6th, which could impact the crypto market. Previous reports have shown the potential to move crypto prices, as evidenced by the decline in Bitcoin and Ethereum (ETH) following the August report.

Additionally, a presidential debate between Vice President Kamala Harris and former President Donald Trump is scheduled for September 10th. This event might influence the crypto industry given the differing cryptocurrency policies of the candidates, with Trump advocating heavily for Bitcoin and claiming he will fire Gary Gensler if re-elected.

 

Interest Rate Decision Looms

Another significant development is the Federal Reserve finally making a decision about the interest rates, which is expected on September 18th. The market anticipates a rate cut of 25 to 50 basis points. Brian Dixon, CEO of OTC Capital, noted that while 67.5% of market participants foresee a 25 basis point cut, a larger reduction could have a negative impact on the market.

Furthermore, the introduction of euro-backed stablecoins, such as EURI and EURC, is on the horizon in Europe. Considering past volatility, September could prove to be a crucial month for the cryptocurrency sector, though the exact market response will become clear only after evaluating the outcomes of these significant events.